JPMorgan’s asset management division has reported a net income of $572m for third quarter of 2014, an increase of $96m, or 20%, from the prior year.
For the quarter ended September 30, the division’s net revenue was $3bn, a rise of $253m, or 9%, from the prior year.
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Noninterest revenue was $2.4bn, up $237m, or 11%, from the prior year, due to net client inflows and the effect of higher market levels, the US banking giant said in its financial statement.
The asset management division’s net interest income was $594m, up $16m, or 3%, from the prior year, due to higher loan and deposit balances, partially offset by spread compression.
Revenue from Global Investment Management was $1.6bn, up 13% compared with the prior year. Revenue from Global Wealth Management was $1.4bn, an increase of 5%.
Client assets were $2.3 trillion, an increase of $98bn, or 4%, compared with the prior year.
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By GlobalDataAssets under management were $1.7 trillion, an increase of $171bn, or 11%, from the prior year, due to the effect of higher market levels and net inflows to long-term products.
